Center Announced Rs. 11,440 Cr Package For Revival Of Visakhapatnam Steel Plant

Delhi/Hyderabad, Jan 17 (Maxim News): The Center has given good news to the Visakhapatnam Steel Plant. The Center has announced a financial package of Rs. 11,440 crore for the steel plant. This was officially announced by Union Minister Ashwini Vaishnav.

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When Chief Minister Chandrababu Naidu met Prime Minister Narendra Modi recently, he requested him to provide a financial package for the steel plant.

In this context, the Central government has announced a financial package of Rs. 11,440 crore for the operational payments of the steel plant. Union Minister Rammohan Naidu thanked Prime Minister Modi for announcing the financial package for the Vizag Steel Plant.

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Special thanks to Prime Minister Narendra Modi and the Central government for announcing a revival package to breathe life into the Visakhapatnam Steel Plant.

This effort will be very useful in overcoming losses and putting the plant on the path of profits with full-scale production. This is a testament to the NDA government’s sincerity towards the development of Andhra State and the aspirations of the people, “Union Minister Rammohan Naidu tweeted.

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Meanwhile, since Chandrababu Naidu took charge as the Chief Minister, he has been focusing specifically on Visakhapatnam Steel.

Every time he has gone to Delhi, he has been meeting with Prime Minister Modi, Finance Minister Nirmala Sitharaman, and Steel Minister Kumaraswamy to hold discussions for the revival of the steel plant.

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Even when he met the Prime Minister recently, Chandrababu Naidu requested the necessary financial assistance for the Visakhapatnam Steel industry.

After discussing this from various angles, the Union Cabinet Committee on Economic Affairs approved this package.

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The Visakhapatnam Steel Plant, which has an annual steel production capacity of 7.3 million tonnes, suffered a loss of Rs. 4548.86 crore in 2023-24 and Rs. 2858.74 crore in 2022-23.

In this context, the industry has been plagued by losses due to the increase in loans taken for working capital.

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In this context, as soon as the NDA alliance came to power in the state, the central government took a step forward with a special financial statement, with CM Chandrababu taking special care and focusing specifically on the steel plant.

With this announcement, it can be said that the privatization issue regarding the steel factory has been pushed back. (Maxim News)

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